Write short notes on the following concepts related to consumer preferences and choice behaviour: Convexity Weak Axiom of Revealed preference Continuity Non satiation Why is the reflexivity assumption often referred to as a redundant axiom of the preference based approach?

Write short notes on the following concepts related to consumer preferences and choice behaviour: Convexity Weak Axiom of Revealed preference Continuity Non satiation Why is the reflexivity assumption often referred to as a redundant axiom of the preference based approach?

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 21SQ

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Write short notes on the following concepts related to consumer preferences and choice behaviour:
1. Convexity
2. Weak Axiom of Revealed preference
3. Continuity
4. Non satiation
Why is the reflexivity assumption often referred to as a redundant axiom of the preference based approach?

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